A Business Incurring a Net Operating Loss in a Taxable

question 59

True/False

A business incurring a net operating loss in a taxable year can carry the loss back two years and forward 15 years.

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Definitions:

L60.1

A specific code, likely from a classification system such as ICD, used to identify a particular medical condition or disease.

Square Yards

A unit of area measurement equivalent to a square measuring one yard on each side, used particularly in the United States.

Skin Surface

The outermost layer of the body that protects against environmental hazards and regulates temperature.

Hypodermis

The innermost layer of skin, consisting primarily of fat and connective tissue that helps insulate the body and protects underlying muscles and other structures.